Think about it: When you Google something, you typically click on one of the first results (if not the very first result), right? Offering incentives — whether credit, physical gifts, or monetary rewards — is usually the best way to motivate a customer to share about your company (and compensate them in return). For example, if you’re targeting an audience mostly comprised of men, Pinterest would have little value for you as only 15% of men use Pinterest. Set up your acquisition strategy correctly, and you can expect to not only lower your customer acquisition cost but also increase your customer lifetime value. Customer acquisition is the lifeblood of any company, small or large. Free and premium plans, Customer service software. Recently, Kaleigh developed some high-value digital products based on her own experiences, and guess what channel she tapped to get them in front of potential buyers? Download this free guide to learn about the 20 SEO myths you should leave behind in 2020. Creating a customer acquisition strategy that only relies on salespeople would put your company in a tough spot. By running a referral program, you incentivize your users to share your business with new customers, typically in exchange for a discount or coupon for both parties. Blogging is a highly recommended acquisition method for businesses of all sizes, industries, and audience types. Customer Acquisition Cost (CAC)measures the costs of acquiring new customers by adding up sales and marketing costs for a given period, and dividing them by the number of new customers for that period. Assuming a three-year customer life, this business can spend around 12 … Lots of leading brands do this: Dropbox, Slack, and (you guessed it!) These are just a few reasons to establish customer retention strategies — just like customer acquisition ones. When you diversify your acquisition strategy and use various acquisition methods, you have a greater chance of reaching new audiences and generating new leads. If your costs to get the customer through the door are higher than your Customer Lifetime Value (CLTV, LTV) than the business cannot be viable. This is called the viral loop, and it’s when your customers share content that leads their followers back to your business. The best channels for your business will depend on your audience, resources, and overall strategy. The mobile app marketing industry is powered by several business models. Take a look at these leading examples of how other companies and organizations have structured their customer acquisition strategy. While salespeople were once the gatekeepers of information about a product, that’s no longer the case. Instead of looking outward and onward for new customers to replace the old, forgotten ones, I propose that you look inward and work to retain customers using new and improved customer service methods. The goal of this process is to create a systematic, sustainable acquisition strategy that can evolve with new trends and changes. Though it’s a commonly used term within the marketing industry, a customer acquisition strategy goes beyond one single channel or tactic. CAC can be a fickle metric and shouldn’t be the only number used to evaluate marketing efforts. But what you send isn’t the only important part of email marketing. Download these pre-designed ebook templates to speed up your content creation process. Like I said above, if you choose to start a blog, be sure to have sustainable resources in place. “It costs five times more to acquire a customer than to retain a customer” – goes a famous adage. Mixing up and experimenting with a variety of customer acquisition methods can also help you learn more about your audience and introduce new tactics to your current strategy. Sign up to receive updates on new content and company news. Those are, in fact, the customers that leave, er, churn, aren’t they? Customer Retention vs Acquisition. Traditionally, a company had to engage in shotgun style advertising and find methods … In other words, it is the cost of resources for the business in order to acquire a new customer. CAC = (MC + W + S + OS + OH) / CA, where: Where the simple CAC metric might apply to a single campaign, the more complex CAC formula should be calculated within a given window, such as one month or fiscal year. In terms of cost per acquisition per industry, the home services industry takes it at $21.68, and technology once again dishes out the big bucks at $102.94 per new customer. You aren’t necessarily going to see new customers right away from that investment, and that might skew your Q1 CAC. Here are a few CACs benchmarked across a variety of industries. Customer acquisition channels are how you bring in new customers. They build an email list, and they leverage that email list to connect with and convert their customers. A good reference point is to aim for the lifetime value of your customers (LTV) to be three times the cost of acquisition (i.e. Customer Acquisition Cost (CAC) is the cost of winning a customer to purchase a product/service.As an important unit economic, customer acquisition costs are often related to customer lifetime value (CLV or LTV).. With CAC, any company can gauge how much they’re spending on acquiring each customer. It should generally include things like: advertising costs, the salary of your marketers, the costs of your salespeople, etc., divided by the number of customers acquired. The conversion can be one of many things, but in most cases, it will be a sale, a click, a form submission, or an app download. The process alone of defining your buyer persona can help weed out any unnecessary or wasted acquisition efforts as well as alert you to specific needs or desires that some channels may meet. While a structured, incentive-based program typically works best for B2C companies, B2B companies might have better luck asking for direct referrals from their customers. Customer Acquisition Costs by Industry: What's a Good CAC? SEO and organic growth have also been reported as the #1 inbound marketing priority for companies around the world. Try using our interactive Customer Service Metrics Calculator. hbspt.cta._relativeUrls=true;hbspt.cta.load(53, 'c3a689c3-995d-421a-b1f1-636492110c49', {}); Originally published Sep 25, 2020 6:30:00 AM, updated September 25 2020, The Ultimate Guide to Customer Acquisition for 2020, f this customer acquisition channel is new to you, consider holding a small webinar or virtual summit like the folks at, customer retention as an acquisition strategy, delivering on more than the basic customer expectations. Some companies consider organic social media a waste of time (13% of marketers have reported that it’s the most overrated marketing tactic), and it can be if you don’t develop a solid game plan for its use. Instead of boasting about your own company via paid advertising or social media, pass the microphone and let your customers do it for you. In other words, it takes 11 months to pay back their customer acquisition cost. At the most basic level, cost per acquisition is a marketing metric that measures the aggregate cost of a customer taking an action that leads to a conversion. Yuck … the word itself doesn’t sound too friendly, much less is the definition behind it. A customer acquisition channel is any place your customers meet your brand for the first time — whether through social media, organic search, or a paid ad. Customer acquisition cost (CAC) is a metric that has been growing in use, along with the emergence of Internet companies and web-based advertising campaigns that can be tracked. Download our free Beginner's Guide to Email Marketing to learn how to execute and measure successful email marketing campaigns. Customer acquisition cost is the cost incurred by an organization while convincing a customer to buy a service or a product. Your customer acquisition strategy should also be flexible because marketing and sales, and the way people respond to them are always changing. As of the first quarter of 2020, Alibaba's average customer acquisition costs amounted to around 812 yuan, whereas social e-commerce platform Pinduoduo spent on … (It can cost up to 25x more to acquire a new customer than to retain an existing one.). Organic search marketing is also known as search engine optimization (SEO). Otter's free plan is pretty generous — 600 minutes of recordings and unlimited .TXT exports, so I don't personally plan on upgrading anytime soon. Growth. Average Customer Acquisition Costs by Industry. For example, if you plan to acquire new customers through a blog, you should have the tools and resources in place to ensure content production lives past one or two posts – effectively bringing in organic traffic for months or years to come. Cost of acquisition is the total of expenses incurred when a business acquires a new client or a new asset. 3. Video marketing as part of a broader content strategy is more about content than quality, though the latter does help in the long-run. ... Industry-Specific Queries. the searches they conduct along their path to purchase and the content they're interested in consuming. At this point, you may be asking, “What’s the difference between lead generation and customer acquisition?”. have a 3:1 ratio). Using SEO To Lower Customer Acquisition Costs In 2020. Even if you have to estimate these numbers, having a solid customer LTV can help you predict how much revenue you can roughly expect a customer to provide throughout their relationship with your business. Kaleigh is a leading freelance writer for SaaS and e-commerce platforms. An average SaaS business spends 92% of their first-year revenue on customer acquisition. Whereas blog posts typically revolve around a repetitive writing and design process, ebooks, guides, templates, white papers, and other downloadable content all carry their own purpose and production process. When you lose customers, you want to go out and find new ones, right? Blogging also continually gives you new opportunities to engage with your audience, whether through a graphic they can bookmark for later, a question they can answer in the comments, or an enticing call-to-action they can click. How to calculate Customer Acquisition Cost (CAC) Calculating your brand’s customer acquisition cost allows you to assess their acquisition spending at the most granular level on a per customer basis. Gain a better understanding of conversion strategy in this free HubSpot Academy course. The Customer Acquisition Cost varies significantly depending on the company and product(s). We may be a bit biased, but HubSpot is an industry leader in content-based customer acquisition. It’s a well-known fact that retaining customers costs much less than acquiring new ones. Below are the median costs per acquisition within the Google Display Network (GDN) in 2018. omit campaigns with unnaturally high/low CACs. One of the best ways to get customers interested in your product is by giving them a little taste of it — through a freemium option. That means you can’t quite afford — no matter the cost — to give up on marketing to new customers. When it comes to content marketing, there’s really no wrong type of content you can create. Content marketing is also partially content creation and partially content promotion. Or put another way, ⅓ to ⅕ LTV. Now consider an example on the flip side that operates with higher costs and lower margins of, say, 20 percent. Understand Short-term Hacks vs. (Source: ChatterBuzz), Below are the median costs per acquisition within the Google Display Network (GDN) in 2018. This information isn't always easy or natural to capture when meeting prospects in person. Your blog writers can be dedicated employees, freelancers, or guest writers. Video production typically involves script writing, editing, production, and animation — all of which you can outsource through freelancers or production agencies. WPMRR didn't charge for their event; they simply asked participants to register with their email and some information about their current roles. SaaS expert Lincoln Murphy talks about “fully loaded CAC”, which includes everything it takes to get a customer on board, from “the cost of advertising, marketing, sales, support during the Free Trial, on-boarding cos… I'd say that's well worth an email, and worth the work (for you) to capture valuable, engaged leads. Receive great industry news once a week in your inbox. The customer retention strategies you put into action will vary based on your business model, audience, resources, and more. Customer acquisition is an opportunity for your company to get creative. Organic social media also capitalizes on the virality factor, inspiring your customers and followers to help you advertise (as we'll discuss later on). Just like social media, there are also two sides to the search marketing coin: organic and paid. Well, my friends, it’s time to look at customer acquisition and customer churn in a new light. What’s your social brand voice and who on your marketing team will be tasked with developing and managing content? Content is Your Most Powerful Acquisition Channel. Here’s another way to visualize it, in a less funnel-like fashion: In the example above, customer acquisition lives in the attract and convert phases, where consumers become readers, visitors, and leads. To turn your satisfied customers into promoters, you must aim for customer delight, not just retention. In 2020, companies are shifting from being "customer-focused" to "customer-committed". Premium plans, Connect your favorite apps to HubSpot. This is a nonnegotiable and means delivering on more than the basic customer expectations. Consider this in comparison to ads, which can be an effective way to acquire customers … as long as the ads are live. In addition to knowing the cost of acquiring a new customer, it’s helpful to know how much value a retained customer provides your business. Today Artificial Intelligence has permeated almost every aspect of the banking and financial industry. Whichever referral strategy you choose, be sure to provide value first and ask questions later. We love what we do, and we want to share our expertise with you — for free.”. Organic social media is most useful for boosting brand awareness, developing a company personality, and sharing content you’ve published elsewhere (like from your blog or videos). Posting organically on social media may seem like shouting into a void, and with 3.8 billion active users, it can sure feel that way. From one-off payments to costs-per-metric, there is a number of models for mobile app marketers to choose from upon launching an app's advertising campaign. Also, diversifying your customer acquisition strategy creates a balance between risk and reward, meaning if one channel begins to fail (see: salespeople example above or the declining effectiveness of organic Facebook reach), it’s easier to reallocate funds for a new, better-performing method. CAC calculations can vary in regards to the inclusion of variable and fixed (or overhead) costs. This article provides an explanation of the average customer acquisition cost calculations. This is why inbound marketing is effective — it creates sustainable traffic and, therefore, a sustainable source of new customers. We're committed to your privacy. Content offers are an important part of customer acquisition and the conversion funnel and can help you get more leads out of your blog and content marketing strategy. For insights on how to meet your target audience in the most important moments, request one of our Consumer Behavior Insights reports in the form to the right. CPI, or Cost Per Install, is one of them, and while on the surface the name makes it sound deceptively simple (pay-per-install means you pay when someone … In this case, marketers can be compared to these well-traveled bees. But a good way to benchmark your CAC is by comparing it to Customer Lifetime Value (also known as LTV). *tear*. Value of the Customer Must Exceed Cost of Customer Acquisition. Similar to the 93% of professionals who see the importance of customer retention, subscription leaders are banking on their current customers to drive most of the growth in 2020.According to the report, the top priorities for companies are retention, acquisition and onboarding. The agreement may refer to any business arrangement between two entities, from magazine subscriptions and mining claims to … Ever heard of cross-pollination? (Seriously — you should check it out.). All consumers aren’t your best consumers, and customer acquisition can result in a crazy waste of resources if not pinpointed toward the right people. That’s the unfortunate motivation behind customer acquisition, though, and it’s important to recognize. A great example of an effective referral program is Airbnb. You’ve heard the buzzword: customer acquisition cost, otherwise known as CAC. Summary. Remember how I discussed the marketing funnel in the first section? Equip them to succeed, and they’ll go to work on your behalf. It allows your business to: Being able to systematically attract and convert new customers keeps companies healthy and growing — and investors happy. If you’re looking to improve your CAC, here are a few ways to minimize the cost of acquiring new customers: Every business needs new customers to grow and succeed, so whether you’re a company of five or 5,000, having a roadmap for customer acquisition is a smart move. On average, how often do your customers make purchases? According to industry metrics, APAC mobile users were most expensive to convert to a subscription with an acquisition cost of 53.01 U.S. dollars, … Check out the cost per acquisition of customers in various e-commerce industries from 2019 to 2020. So, if a SaaS customer LTV is $1,000, then their customer acquisition costs should be in the range of $200 to $300 to stay competitive. (Source: Propeller) Travel: $7; Retail: $10; Consumer Goods: $22; Manufacturing: $83; Transportation: $98; Marketing Agency: $141; Financial: $175; Technology (Hardware): $182; Real Estate: $213; Banking/Insurance: $303; Telecom: $315 At HubSpot, we employ all of these methods — some at a small scale, and some at much larger scales. In the meantime, let us know your tips for reducing customer acquisition cost! Customer acquisition is all about acquiring the right customers that stick around — and help you acquire more. But it's your customer service team that has a direct line to your current customers — and your current customers can be some of your best marketers. Note: medians were calculated to omit campaigns that exclusively bid on branded terms or had unnaturally high/low CACs. Customer acquisition is the process of bringing new customers or clients to your business. Word-of-mouth marketing is one of the most effective ways to attract new customers. CAC is crucial for every business, but analyzing it is even more vital to SaaS companies because the industry depends on the lifetime value of the customer. Social media marketing is comprised of two methods: organic and paid. What I’m saying here is that customer retention is the new customer acquisition. ... but HubSpot is an industry leader in content-based customer acquisition. Another interesting example of this is interactive content acquisition, such as HubSpot's Make My Persona Tool. But research has shown that the key to growth lies not with your marketing or sales team but your customer service team, and your customers themselves. Give your customers a reason to want to refer you — because they’re so delighted by your business, they can’t help but share. Regardless of how you plan to retain your customers, there’s one common denominator: providing an amazing customer experience. Copyright © 2019 DemandJump Inc. All Rights Reserved. Customer acquisition cost (CAC) is the cost associated with bringing a new customer or client to your business, such as marketing costs, events, and advertising. Calculating customer LTV isn’t difficult, but it does require defining a few metrics along the way, such as average purchase value and frequency. So, one cannot overemphasize the importance of customer acquisition. Customer acquisition is important for businesses of any age and size. This is because the bottom of the funnel (conversion) typically requires more dedicated, customized strategies to convert customers, such as lead scoring and closing tactics. Customer lifetime value is the estimated net profit that an individual or business will provide over their lifetime as a paying customer. Email is also a great way to simply connect with your audience, whether by sending a happy birthday email or a valuable promotional email. The Ultimate Guide to Customer Acquisition for 2020. Wondering how? Today most events are online, which can actually make customer acquisition easier as attendees have to register with their email addresses to attend (whether they pay or not). Email. It’s clear to see how well these customer acquisition methods work together. The goal is to build a profitable portfolio at the lowest overall cost, not to acquire every new customer you can possible get. Put in the time to learn SEO strategies, stay up to date with trends, and optimize your blog posts — and you’ll find your content ranking better than before. Why is churn important? While the funnel is a handy visualization of how customers come to know and buy from your brand, it’s lacking in one thing: how your current (and past) customers fuel future customers. This is how much money is left over from the customer’s lifetime value after accounting for refunds, cost of goods, overhead, and profitability. Keep an eye out in the coming weeks for a more detailed discussion on LTV and how to calculate it. Customer churn is what motivates businesses to find and acquire new customers. A targeted customer acquisition strategy requires taking a step back and figuring out what’s best for your business, resources, and audience. Consider it the gasoline for a fire you’ve already started using other acquisition methods. That’s why these types of content are also gated, meaning that readers must exchange personal information like emails and names to access the content. As consumers move through the funnel to become buyers, they: To simplify the process, lead generation typically happens at the top of the funnel, lead acquisition happens in the middle, and lead conversion happens at the bottom. Customer success. The good news is that you can equip your customers — especially your most loyal ones — to market on your behalf. What’s a Subscription Business Model & How Does It Work? Customer acquisition cost is the best approximation of the total cost of acquiring a new customer. See all integrations. The idea behind SEO is to create content that shows up high in the search engine results page (SERP) and makes searches want to click on your content. Free and premium plans, Sales CRM software. 12 Effective Customer Acquisition Tactics. Acquisition marketing is implementing certain strategies to market your products and services to new customers. SEO best practices involve creating indexable content – content that search engines can read, decipher, and index within a SERP. Improving marketing efficiency all comes down to identifying the most important moments to reach consumers and eliminating non-essential marketing spend. User acquisition strategies involve establishing relationships with potential customers, addressing their needs, and providing them with valuable information they need to make an informed purchasing decision. Does/did your company spend money on marketing efforts that are slated to pay off in the far future? What networks are you going to leverage and which ones are you going to avoid? If you're looking for ways to improve your customer acquisition, you're not alone. ↓, How to Calculate Customer Acquisition Cost (CAC)? However, by getting a taste of the Otter product, I can now better explain it to other people and companies — folks who may upgrade themselves since hearing about it from me. The more convenient promotion is for your customers, the more likely they’ll engage. A Good Customer Acquisition Cost varies by the industry and tactics used. Ebooks, guides, and other types of gated content offers represent a different type of content marketing because they typically involve created more in-depth, valuable content. Here’s a simple truth about marketing: You can always do better. Calculated as sales and marketing expenses divided by the number of new customers, a thorough understanding of CAC can help improve a company’s marketing return on investment, profitability, and profit margin. If these questions seem intimidating, don’t fret. What do marketers do with all that customer information they collect through other customer acquisition methods? Customer churn represents that percentage of customers that peel away from your business and opt out of your products or services. In this guide, you’ll learn the basics of customer acquisition, how to lower the cost of acquiring new customers, and how to leverage your loyal ones. Since your service addresses the key pain points of your customers, their success is vital to yours. Whereas sponsored posts on Facebook, Twitter, or Instagram simply get your content in front of the right eyes, Facebook Lead Ads allow you to advertise on social media and gather customer information such as email addresses and names. Customer acquisition cost is designed to measure and maintain the profitability of your acquisition teams. Why? You can increase your content’s “indexability” (no, I cannot say for certain if that’s a real word) by: There’s a lot that goes into SEO, but these are a few basics to get you started. If you simply want to visualize an idea for your audience, you can create a Slideshare as an alternative to video. Now that you know what makes an amazing customer acquisition strategy, let's talk about some companies that are doing it well. 11 Ways Customer Success Teams Can Drive Customer Acquisition and Retention, Make money to meet costs, pay employees, and reinvest in growth, and, Show evidence of traction for outside parties such as investors, partners, and influencers. In insurance, where my company operates, the cost of acquisition is more like seven to nine times higher than selling to an existing customer. Some popular customer acquisition channels include: Instagram: Visually attractive posts and short videos. Anything lower and your customer acquisition cost is too high. There’s one thing that has the potential to kill a tech start-up - the customer acquisition cost (or CAC for short). Win Hearts and Minds. It also provides a direct line into your consumer’s inbox (though it’s not guaranteed they’ll open your emails), unlike social media, search, or content marketing. Customer LTV is a helpful factor to consider when getting to know your customers and how they interact with your business. Say you invest in a Q3 campaign but pay for it in Q1. She's been featured in Forbes, Entrepreneur, and Inc. and has written for brands like Kissmetrics, ConversionXL, and Sumo. Better yet, you aren’t stuck with a subpar metric that your executives or investors aren’t quite happy about. Save time creating blog posts with these six free templates. Regardless of which strategies you choose, always leave room for analysis, improvement, and change — because you never know when customers may stop responding to your methods, or leave altogether. Consider using social media content with this free guide to email marketing campaigns family and friends over businesses,,. 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